Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/176455 
Year of Publication: 
2017
Citation: 
[Journal:] Financial Innovation [ISSN:] 2199-4730 [Volume:] 3 [Issue:] 17 [Publisher:] Springer [Place:] Heidelberg [Year:] 2017 [Pages:] 1-24
Publisher: 
Springer, Heidelberg
Abstract: 
Background: This study examines the relationship between insurance market density (IMD) and economic growth. Methods: We employed Granger causality technique in 19 Eurozone countries for the period 1980-2014. We use three different indicators of IMD, namely life insurance density, non-life insurance density, and total insurance density. We particularly emphasize on whether Granger causality runs between IMD and economic growth both ways, one way, or not at all. Results: Our empirical result recognizes the presence of both unidirectional and bidirectional causality between insurance market density and economic growth. However, these results are mostly non-uniform across Eurozone countries. Conclusions: This study holds important policy implications- economic policies should recognize the differences in the insurance market density and economic growth in order to maintain sustainable economic growth in the Eurozone.
Subjects: 
Insurance market density
Economic growth
Granger causality
Eurozone countries
JEL: 
L96
O32
O33
O43
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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